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President Donald Trump He is looking to end the production of new coins and recently told Scott Bosnet to the Treasury Minister that this will happen.
Trump revealed late Sunday that he “ordered me the US Treasury Secretary to stop producing new coins”, stating “for a long time the United States, coin coins that literally literally It has spent more than 2 cents “and” this is wasted! “
The former president of the Republican presidential candidate Donald Trump speaks during a night event at the Palm Beach Conference Center on November 6, 2024, in West Palm Beach, Florida. (Chip somodevilla / Getty Images / Getty Images)
The move has raised the question of how American consumers can be affected and, according to an expert, will have a slight impact.
“I don't think that would be influenced On consumersHuman beings I think this is just a very reasonable job because no one uses the coin anymore. No one needs a coin, “David Behnsen, the founder of the Behnsen Group, told Fox Business.” Just as a practical issue and the basic cost benefits, the studies I have seen is that it costs three cents to prepare a penny, so there is something. And not back on that mathematics. “
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The cost of building and distributing a penny in 2024 was 3.69 cents, the latest US annual report shows.
Last year the US mint carried 3.17 billion new coins. According to the report, the gross cost of those coins, $ 117 million, was significantly above $ 31.7 million.
“In terms of influencing consumers, does this make their cost habits a precise change to the extent that they exist?”
The coins are displayed on July 6, 2006 at GlenView Coin & Collectibles. (Tim Boyle / Getty Images / Getty Images)
Canada left penny more than a decade before its copy, and other countries such as Australia, New Zealand and Sweden did similar steps before. In Canada, after the government began working coins, it became the nearest five cents for cash transactions.
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Behnsen said, “Round cash transactions” are less likely to happen in a digital payment environment “, given that many people” do not pay cash these days. “
A report released last summer Federal Reserve Financial Services 32 % of the payments used in October 2023 credit cards used and the same share but slightly smaller – 30 % – used debit cards. According to this report, the payment with cash shows 16 % of transactions.
Canadian Government said in itself Economic Action Plan 2012 Getting rid of coins in New Zealand, Australia and other countries “has not increased price inflation.”
Behnsen also said that stopping the production of new coins, there are few tips.
He also noted: “The coins will still be circular” but you are really talking about a collected commodity, not a consumer product, not a trading currency that people are paying. ”
“In the end, President Trump's motivation here was just more efficient, and I think the Treasury Department was wasting a lot of money to make business coins that have no real commercial use,” Behnsen said. Business of the foxHuman beings “this is not a crushing event of the earth, but this is something that is more efficient, and this is the work of the Treasury Department.”
The Americans said in a press release in late January for the common traditions that have criticized Trump's efforts that Penny “will not save government money”.
Many US coins in a photo image in Washington, DC, February 10, 2025. (Saul Loeb / AFP through Getty Images / Getty Images)
“Many of the costs of mint overhead remain and have to be absorbed by other coins without penny,” said Mark Waller's chief executive. “Also, there will be more demand for expensive nickels, which means more costs.”
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The group receives a significant funding from Artazn, according to CNN. The company reports that the company provides vacancies used in the production of mint coins.
Americans have suggested the government for shared traditions “how mint allocates its overhead costs and focuses on reducing the cost of nickel production” rather than moving away from coins.
According to the agency, the production of a nickel last year costs approximately 13.8 cents.
This group also has Driven Contrary to the argument that the penny is not worth and argues the “round tax” resulting from the rid of the sect of one insert, “affects people inappropriately without access to banking or non -cash payment methods.